Swiss bank Julius Baer has been reprimanded by the country's watchdog for i...
) has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA.
The regulator’s announcement, which outlined serious lapses as recently as 2018, comes as Switzerland seeks to change its image as one of the globe’s most opaque and secretive financial centers. The Office of the Attorney General of Switzerland said on Thursday it had filed an indictment against former FIFA Secretary General Jerome Valcke, who it has charged with accepting bribes.
The watchdog said the bank had to take steps to identify bankers whose clients had a high money-laundering risk and adjust its pay and disciplinary policy to avoid risk. Baer said it had since improved and would take action demanded by FINMA.
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